Hong Kong - Lawyers for PCCW Ltd. defended a $2.1 billion buyout led by chairman Richard Li at a court hearing on April 1, saying regulators lacked evidence of wrongdoing that could overturn a contested February shareholder meeting that approved the deal. They also said officials with Hong Kong's Securities and Futures Commission (SFC) lacked evidence to show that the company's former deputy chairman, Francis Yuen, played any improper role in the vote. Hong Kong's High Court is considering … [Read more...] about PCCW defends buyout deal
PCCW
PCCW, Kalimat Telecom form IPTV joint venture
Hong Kong - Hong Kong's PCCW and Iraq's Kalimat Telecom have created a 50/50 joint venture that aims to launch IPTV and mobile TV services in Iraq and Kuwait beginning in the fourth quarter of this year or early 2010. The companies have set a goal for the joint venture to collect 600,000 subscribers during its first two years of business, according to a report at CommsMEA. In the midst of controversy over its ownership structure last year, PCCW is now proceeding with a privatization plan and the … [Read more...] about PCCW, Kalimat Telecom form IPTV joint venture
AXN BEYOND and SET expand reach in Hong Kong
Hong Kong - The latest channel brands from SPE Networks - Asia (SPENA), AXN BEYOND and Sony Entertainment Television (SET), are set to expand reach in Hong Kong as both join AXN and Animax in a four-channel launch on the Basic Tier of Hong Kong pay-TV platform, TVB Pay Vision, on April 1. The new carriage deal with TVB Pay Vision brings SPENA's quartet of channels to a total of four pay-TV operators in Hong Kong, the others being PCCW's nowTV which also has all four linear channels; as well as … [Read more...] about AXN BEYOND and SET expand reach in Hong Kong
PCCW clarifies company “resources adjustment exercise”
Hong Kong - PCCW issued a press statement on Thursday evening saying that the company is disturbed to hear rumours circulating in the market that the company is planning to lay off large numbers of staff. According to PCCW, there will be no more immediate plans of layoff in the company. Union officials said PCCW laid off 35 staff on Thursday but company officials quickly denied it, describing the move as a "resources adjustment exercise" involving temporary, outsourced labor. … [Read more...] about PCCW clarifies company “resources adjustment exercise”
PCCW to lay off 600 – regulator to investigate buyout vote
Hong Kong - PCCW Ltd plans to sack 600 staff to cut costs, union staff said Wednesday. Same day, shareholders approved a HK$15.9 billion ($2.05 billion) buyout offer led by chairman Richard Li - prompting investigation by the Hong Kong stock market regulator. The Securities and Futures Commission took possession of PPC Ltd's voting records and will start investigating the buyout process, said a spokesman. The HK$4.50-a-share bid was supported by more than 75 percent of stockholder votes, PCCW … [Read more...] about PCCW to lay off 600 – regulator to investigate buyout vote
SCI FI and Universal channels land on now TV
Hong Kong - NBC Universal's SCI FI and Universal have landed on PCCW's now TV, making Hong Kong the fourth market in the region to carry all four of the network's channel brands (including Hallmark and KidsCo) - alongside Singapore, Thailand and Cambodia. This comes amidst mounting market speculation that the recession might have a ‘last in first out' impact - with later entrants like NBC U being the most vulnerable. Rumours were rife that the Global Networks Singapore HQ was existing on a … [Read more...] about SCI FI and Universal channels land on now TV